Adam Smith and the Labour Theory of Value: an Unconvincing "Reconsideration"

Roy Grieve

Research output: Working paperDiscussion paper

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Abstract

In a recent paper Terry Peach argues that Adam Smith found no reason to limit application of the labour-embodied theory of value to the case of the "early and rude state" of society. In fact, not only that: according to Peach, Smith found a problem in employing the labour-commanded measure of value with reference to the contemporary "commercial" economy and, in order to resolve the issue, he (somewhat surreptitiously) abandoned labour-commanded and adopted instead labour-embodied as a generally valid theory of exchange value. However, we find Peach’s revolutionary "Reconsideration" to be fatally flawed - for the reason that it derives from Peach’s evident misunderstanding of what is implied by the labour-commanded measure of value.
Original languageEnglish
Place of PublicationGlasgow
PublisherUniversity of Strathclyde
Pages1-20
Number of pages20
Volume16
Publication statusPublished - 6 Sep 2016

Keywords

  • adam smith on real value
  • labour-commanded
  • labour-embodied
  • labour of acquiring

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